FL homeowners flock to principal reduction program

A new principal reduction program in the state of Florida has been flooded with interest from underwater homeowners in the state.

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This post was contributed by a community member. The views expressed here are the author’s own. Neighbor Posts Principal Reduction Program – For Stressed Underwater Homeowners

Beginning October 15, 2016, loan servicers must begin contacting eligible homeowners about the Principal Reduction Modification program. They have until December 31, 2016 to do so, which means homeowners have a very narrow window to apply for a principal reduction. The FHFA estimates that approximately 33,000 homeowners will qualify.

In response to such criticisms, the Florida Housing Finance Corp. launched a principal reduction program in September 2013 for homeowners who were under water on their mortgages but still current on.

A Florida Hardest-Hit Fund technical glitch Wednesday morning turned away underwater homeowners hoping for a chance to cut up to $50,000 off their mortgage debt. A state website said the fund’s new.

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Beginning October 15, 2016, loan servicers must begin contacting eligible homeowners about the Principal Reduction Modification program. They have until December 31, 2016 to do so, which means homeowners have a very narrow window to apply for a principal reduction. The FHFA estimates that approximately 33,000 homeowners will qualify.

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ORLANDO, Fla. – Florida housing officials rolled out a new program Wednesday designed to help homeowners who are underwater with their mortgages. The "Principal Reduction Program" was created to.

Therefore, if the owner of a $1,000,000 home sells that home and puts the money in a bank account, that money is still protected by the homestead exemption, so long as the homeowner has a bona fide intent to use it to purchase another home in Florida entitled to the exemption within a reasonable period of time.

 · In early 2011, Florida estimated its Hardest Hit relief could reach as many as 106,000 homeowners. By late last year, that estimate had slid to 39,000.

A principal reduction program offered by your existing lender Moreover, you do not need to pay a loan modification company to obtain a principal reduction of your mortgage for you. Help is available for underwater homeowners for free through the Obama Making Home Affordable program.

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